is South Carolina state certified and on the FHA Roster of approved residential appraisers.
This means that we are certified and approved by the FHA to do reports for property loans backed by them.
FHA's guidelines, documentation and policies may seem difficult to grasp, but the staff at Matthew Midkiff is well-trained on how to comply with the rules and regulations provided.
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If you need an appraisal report for an FHA loan, please contact us, and we'll be able to help you right away. |
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An FHA loan is backed by the Federal Housing Administration, a federal agency that is a part of the U.S. Department of Housing and Urban Development (HUD).
The FHA does not loan money to borrowers. Rather, it provides lending agencies with security through mortgage insurance in case the borrower defaults on his or her loan obligations.
Low-income and moderate-income homebuyers benefit the most from FHA-backed loan programs. The purpose of the Federal Housing Administration is to help credit-worthy consumers get approved for mortgages that they otherwise would not.
Unlike the VA appraiser panel, the lending agency working with Federal Housing Administration has the freedom to select the appraiser.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
Purchasers with lesser incomes or less starting capital to use as a down-payment on a loan benefit the most from Federal Housing Administration loan programs.